The Social Media Bubble

Umair Haque:

I'd like to advance a hypothesis: Despite all the excitement surrounding social media, the Internet isn't connecting us as much as we think it is. It's largely home to weak, artificial connections, what I call thin relationships.

During the subprime bubble, banks and brokers sold one another bad debt -- debt that couldn't be made good on. Today, "social" media is trading in low-quality connections -- linkages that are unlikely to yield meaningful, lasting relationships.

Call it relationship inflation. Nominally, you have a lot more relationships -- but in reality, few, if any, are actually valuable. Just as currency inflation debases money, so social inflation debases relationships. The very word "relationship" is being cheapened. It used to mean someone you could count on. Today, it means someone you can swap bits with.